Vision Positioning System Market size expanding at a CAGR of 10.8%

Introduction

A Vision Positioning System (VPS) is a system that allows things like drones, robots, or self-driving cars to determine their position and orientation in real-time by processing visual data from their surroundings. This system frequently employs cameras or other optical sensors to capture photographs or video recordings, which it then analyzes to identify the relative position and movement of the item. 

Vision positioning system Market share is expected to grow at a CAGR of 10.8% due to the increasing use of autonomous guided vehicles for different defense and commercial uses. Unmanned Aerial Vehicles (UAVs), Automated Guided Vehicles (AGVs), spacecraft, industrial robots, and other automated equipment are equipped with vision positioning systems. The key market drivers fueling the growth of the Vision positioning system market are the rising need for automated solutions in industrial processes and the use of vision indoor positioning systems in interior navigation.

Market Dynamics

Growing Demand for Autonomous Vehicles and Drones Stimulates Market Growth

Self-driving cars and delivery drones have increased demand for VPS technology. These systems are essential for precision navigation and obstacle avoidance in autonomous applications. The rise of autonomous vehicles in North America and Asia-Pacific affects market patterns. Self-driving cars use VPS technology. Tesla, Waymo, and traditional manufacturers are developing autonomous vehicles that utilize VPS for precise navigation, obstacle detection, and safe driving.

VPS lets these vehicles recognize traffic signals and prevent collisions with pedestrians and other vehicles. Amazon, UPS, and DHL are exploring drone package delivery. VPS helps drones navigate safely and accurately, especially when delivering things in urban or remote places. These drones land at delivery destinations using VPS and avoid flight obstacles. VPS builds safe, reliable, autonomous transportation solutions to transform logistics, transportation, and urban planning.

Development Of Smart Cities

Technology and data improve citizens' quality of life, infrastructural efficiency, and sustainable living in smart cities. VPS technology helps smart cities achieve their goals by enabling autonomous cars and drones to navigate urban areas safely. Smart cities are investigating self-driving buses and shuttles. VPS technology is essential for these vehicles to navigate complex metropolitan streets, follow itineraries, and protect passengers. IDC estimates global spending on smart city technologies will reach USD 189.5 billion by 2023.

VPS technology benefits transportation, public safety, and urban planning investments in this spending. VPS technology helps autonomous vehicles and drones navigate accurately, reducing metropolitan accident risk. Smart towns reduce traffic and pollution. More effective transportation and traffic management with VPS technology helps meet these environmental goals.

Regional Insights

North America will lead this market because of several major companies, technological advances, and early adoption of new technologies. In North America, unmanned aerial vehicles, driverless autos, and industrial automation boost visual positioning system demand. North American e-commerce giants like Amazon and UPS are exploring drone delivery. This drone needs VPS to carry items to clients, navigate difficult metropolitan locations, and avoid obstacles. Industrial robots and AGVs are crucial to North American manufacturing and logistics. VPS technology improves these robots' navigation and safety, increasing factory and warehousing efficiency.

Several North American cities use VPS technology for smart city programs. Traffic management systems employ VPS to monitor traffic in real-time, optimize flow, and alleviate urban congestion. The US strongly influences the North American VPS market. Tech businesses, research institutions, and a vibrant startup culture make the US a VPS innovation and deployment hub. Tesla, General Motors, and Ford rapidly use VPS technology to improve driver-assistance systems and achieve full autonomy. Venture financing and huge tech partnerships drive North American VPS startups and research institutes.

In Europe, the Vision positioning system market analysis predicts consistent growth. European Vision Positioning System has the second-largest market share due to established industrial sectors and strong R&D infrastructure. The European automotive industry has driven optical positioning system usage, especially in new driver assistance and autonomous driving technologies. Vision positioning systems are also needed for aerospace, manufacturing, and logistics projects.

German Vision Positioning Systems had the largest market share, while UK Vision Positioning Systems were Europe's fastest-growing. The EU has ambitious sustainability goals, promoting VPS in agriculture, transportation, and environmental initiatives to reduce the continent's carbon impact. In their European automobiles, Volkswagen, Volvo, and Renault use VPS technology for safety and autonomous driving.

Key Highlights

• The global Vision positioning system market size was valued at USD 5.6 billion in 2023 and is projected to reach USD 12.7 billion by 2031, registering a CAGR of 10.8% during the forecast period 2023-2031.
• Tracking, Analytics, Navigation, and Industrial Solutions are subsets of the Solution. Industrial Solution is the market's largest contributor.
• Camera Systems, Sensors, Markers, and Others are the components that divide the market. Camera Systems has an impact on market growth.
• Based on the platform, the market is divided into Robotics, Unmanned Aerial Vehicles, Space Vehicles, and Automated Guided Vehicles. Unmanned Aerial Vehicles are the most profitable.
• The segment can be divided into 1D, 2D, and 3D by type. The market growth was headed by 2D.
• The market is segmented by end-user into Automotive, BFSI, Industrial, Healthcare, Commercial, Government Sector, and Others. The commercial sector is the most important end-user.
• Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. North America dominates the market.

Competitive Players

Competitive Landscape

The key players in the global Vision positioning system market are Cognex Corporation, ABB, DJI, Omron Corporation, Pepperl + Fuchs GmbH, Parrot SA, Sick AG, Seegrid Corporation, and Senior AB.

Recent Developments

Market News

• In August 2023, Cognex Corporation (NASDAQ: CGNX), a leader in industrial machine vision, announced today that it has agreed to acquire Moritex Corporation (Moritex) in an all-cash transaction for 40 billion (approximately $275 million) from Trustar Capital, a private equity affiliate of CITIC Capital Holdings Limited.
• In August 2023, Pratexo, an edge-to-cloud platform innovation, received funding from ABB.
• In August 2023, OMRON introduced microswitches for Remote, Delicate Control Around the World

Segmentation

Global Vision Positioning System Market: Segmentation

By Solution 

• Tracking Solution
• Analytic Solution
• Navigation Solution
• Industrial Solution

By Component 

• Camera System
• Sensors
• Markers
• Others

By Platform 

• Robotics
• Unmanned Aerial Vehicles
• Space Vehicles
• Automated Guided Vehicles

By Type 

• 1D
• 2D
• 3D

By End-User 

• Automotive
• BFSI
• Industrial
• Healthcare
• Commercial
• Government Sector
• Others

By Region

• North America
• Asia-Pacific
• Europe
• The Middle East and Africa
• Latin America